Takasbank Unveils Blockchain-Based Digital Gold Transfer

Takasbank Unveils Blockchain-Based Digital Gold Transfer
January 7, 2020

 

The cryptocurrency market remains slightly bullish with Bitcoin (BTC) trying to move towards a $10,000 mark. At the time of writing this article,  Bitcoin was trading at $7,905, representing a gain of 4.8% in the past 24 hours. Likewise, Ether (ETH), the native crypto of Ethereum blockchain, has gained 4.2% in the last 24 hours to trade at $144.17. Notably, Ethereum blockchain successfully underwent Muir glacier hard fork a week ago, resulting in a drop in block time by 25%.

XRP, the native currency of Ripple, has gained 11.1% in the past 24 hours to trade at $0.2175. Other major altcoins, which have gained in the past 24 hours include Tron (TRX-$0.01457, 5.1%), Litecoin (LTC-$45.30, 2.6%), Stellar (XLM-$0.0498, 8.2%), Bitcoin Cash (BCH-$242.72, 3.3%), LEO (LEO-$0.8769, 2.3%), Dash (DASH-$55.47, 7.7%), IOTA (IOTA-$0.1890, 7.1%), OKB (OKB-$2.83, 4.4%), Cardano (ADA-$0.0374, 6.5%), EOS (EOS-$2.83, 2.5%), Huobi (HT-$3.03, 2.8%), ChainLink (LINK-$1.94, 5.7%), Monero (XMR-$57.85, 3.4%), Tezos (XTZ-1.30, 2.8%) and Binance Coin (BNB-$14.96, 4.1%). The altcoins, which have lost ground in the past 24 hours, include Ethereum Classic (ETC-$4.90, -3.7%), Cosmos (ATOM, $4.16, -1.1%).

 

Government level initiatives

Chaos reigns regarding crypto and taxation laws in South Korea

Cryptocurrency and taxation rules are causing a lot of chaos in South Korea. On December the 30th the government of South Korea clarified that the prevailing law does not permit it from levying income tax on profit generated from crypto transactions. The announcement contradicts the 80 billion won ($68.9 million) tax demand notice sent by the National Tax Service department to cryptocurrency exchange Bithumb Korea. Notably, the South Korean government has stated that they are drafting a bill for crypto taxation. Until that goes through, the government has decided to restrain from levying tax on profits generated from cryptocurrency trading.

South Korea’s earlier Ministry of Strategy and Finance affirmed that it would impose taxes on crypto-assets by amending the tax code. Regarding crypto taxation, the ministry issued the following statement: “In the case of a corporation’s virtual currency transaction, all transactions that increase the entity’s net assets are subject to taxation under the current law, so it is taxable, but it is practically impossible to produce tax revenue results by distinguishing only virtual currency transactions.”

As per the Korea Times, the South Korean government is planning to draft a bill to tax crypto transactions by the first half of this year. However, the country is yet to clearly define cryptocurrencies and other digital assets.

 

Private sector initiatives

Takasbank’s blockchain gold-backed digital asset transfer system goes live

Takasbank, which is Turkey’s Istanbul Clearing, Settlement and Custody Bank, revealed that its blockchain-powered, physical gold-backed digital asset transfer system is now live.

Takasbank also offers central counterparty clearing services for predetermined BIST markets assigned by the Capital Markets Board of Turkey, which is the country’s financial regulatory and supervisory agency.

The bank rolled out BiGA Digital Gold to enable banks to issue, transfer, and repayment of digitized gold.

Takasbank rolled out the BiGA Digital Gold platform in collaboration with several Turkish financial institutions such as Garanti BBVA, Ziraat, Vakif,  Albaraka Turk, and Kuveyt Turk.

The BiGA system, initially unveiled in September 2019, facilitates partaking banks to utilize blockchain technology to move digital assets representing a particular volume of physical gold. Specifically, each digital asset represents a gram of gold that is physically held in the vaults of the Turkish stock exchange – Borsa Istanbul (BIST).

Takasbank officials elaborated on the platform: “This platform distinguishes itself from many similar projects in the world by allowing the use of blockchain technology to transfer digital assets based on physical commodities, not having any value of its own, and ensuring full compliance with existing regulations.”

 

Venezuela’s Burger King’s now accept Bitcoin as a payment method

Burger King has started accepting Bitcoin (BTC) in Venezuela. Currently, only the branch in the Sambil region of Caracas is accepting Bitcoin, in addition to Litecoin (LTC), Ether (ETH), Dash (DASH), Binance Coin (BNB), and even stablecoin Tether (USDT).

This year, another 40 branches of the fast-food chain will start accepting Bitcoin, according to a blog post by Dash cryptocoin executives. To convert cryptocurrency into fiat, Burger King has joined hands with Cryptobuyer, a Panama-based startup firm offering merchant gateway. Regarding the partnership, Cryptobuyer has issued the following tweet: “We are pleased to announce our commercial alliance with @BurgerKingVE.”

 

Miscellaneous

IMF convinces the Philippines Central Bank to look into cross-border crypto movement data collection

The International Monetary Fund (IMF) is motivating the Philippines’ central bank to study the feasibility of collecting info on the cross-border movement of cryptocurrencies. On December 30, 2019, the IMF issued the suggestions in a Technical Assistance Report document. It was based on info from IMF’s July 2019 report on Monetary and Financial Statistics Mission in the Philippines.  As per the document, the IMF’s Philippines mission suggested the handling of cryptocurrency assets in macroeconomic figures at the behest of the Bangko Sentral ng Pilipinas (BSP) earlier in 2019.

In a nutshell, the suggestion highlights the potential of the Philippines with regards to the cryptocurrency sector. “The Philippines may become an important market for crypto-assets, as the BSP recently authorized operations for three more virtual currency exchanges (VCE), bringing the total number of approved VCE to 10.”

Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.

Avatar

Andrew Wright

Prior to founding tradersasset.com in 2014, Andrew worked as a proprietary trader, then as a market maker. As a market maker, he traded options in over 100 stocks, he then began trading currency pairs in 2013. Andrew still actively trades both, and prides himself on educating and informing traders on the benefits of both Binary Options and Forex.


Related Articles

The Leading Cryptocurrency Stories for 2nd April 2018

The cryptomarket continues to remain weak for the second week in a row, even though there was no specific reason

Africa’s Standard Bank Joins Marco Polo Network

  The cryptocurrency market continues to remain range-bound with bearish bias. Notably, Bitcoin (BTC) hovers around $10,000 level. In the

Bitcoin Turns Weak After Hard Fork

  The BTCEUR crypto currency pair was on a tear between October 1 and October 20, mainly due to the